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RESOLUTION NO. 28-2006
APPROVING THE MID-YEAR ADJUSTMENTS TO THE
FISCAL YEAR 2005-06 FINANCIAL PLAN
WHEREAS, all revenue and expenditure projections, which were made in preparing the
Fiscal Year 2005-06 Financial Plan have been reviewed; and
WHEREAS, the following mid-year adjustments to the General Fund 2005-06 Financial
Plan are recommended to reflect state repayments and true-ups, changes in revenues and
appropriate designated funds for current year operational activities to continue balancing
expenditures with available revenues and reserves:
· An increase of $306,143 in property tax revenues reflecting increases in assessed
values;
· An increase of $63,617 in Sales Tax Triple Flip revenue from the state reflecting the
net amount of the FY 04-05 true-up and an increase in the FY 05-06 allocation;
· An increase of $490,561 in VLF in-lieu of property tax revenue reflecting the total
amount of the FY 04-05 true-up and an increase in the FY 05-06 allocation;
· An increase in sales tax revenue of $300,000 reflecting a growing economy and a
less conservative forecast than previously budgeted;
. An increase of $60,282 reflecting the receipt of an insurance premium rebate from
the Municipal Pooling Authority;
. An increase of $732,809 in VLF Gap Loan repayment revenues reflecting the early
repayment by the State of the VLF Gap Loan;
. A reduction of $17,545 due to the lack of funding by the State for the reimbursement
of booking fees;
. An increase of $14,903 in grant revenue contingent upon the receipt of the Safety
Belt Grant Project No. IN60702 which the Police Department has applied for, and
appropriating $14,903 for the Safety Belt Project contingent upon receipt of the
funds;
. An increase of $26,000 reflecting donations received from private residents to fund
the new Canine Program in the Police Department and an appropriation of $26,000
for the Canine Program;
· An increase of $110,000 in miscellaneous revenues, reflecting employee pension
contributions by the Town for employees who have terminated employment with
the Town prior to full vesting, and an appropriation of $110,000 to standardize the
pay period Town-wide;
· A transfer into the General Fund from the Measure C Special Revenue Fund and an
appropriation of $40,000 from the General Fund to begin routing studies and traffic
counts for the SRV School Bus Program;
· A transfer into the General Fund from the LLAD Special Revenue Fund of $25,000
and an appropriation of $50,000 from the General Fund to fund additional
contracted maintenance services in the Parks Maintenance Program;
. An appropriation of $24,000 to cover the full cost of the Liability Insurance Premium
for FY 05-06;
· An appropriation of previously deposited funds by the Sports Alliance in the
amount of $7,272 for expenditure on sports field maintenance.
. An appropriation of $45,000 for additional project management staffing in the CIP
Management Program;
. An appropriation of $50,000 for temporary help in the Finance Department
Program to backfill staff time required for the implementation of the new
accounting software;
· An appropriation of $30,000 for additional staffing in the Information Technology
Program to support increased usage of technology Town wide.
· An appropriation of $30,000 in the Human Resources Program for a consultant to
perform a compensation survey;
· An appropriation of $130,713 from the Compensated Absences designated funds
for additional employee leave during fiscal year 2005-06.
. A designation of $200,000 for claims reserves; and
WHEREAS, sufficient funding is available in the General Fund; now, therefore, be it
RESOLVED, that the Danville Town Council approves the mid-year adjustments to the
Fiscal Year 2005-06 Financial Plan.
APPROVED, by the Danville Town Council at a regular meeting held on March 7, 2006,
by the following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
Stepper,
None
None
None
Shimansky, Andersen, Arnerich, Doyle
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APPROVED AS TO FORM:
~13~
CITY ATTORNEY)
c:rJ. ...
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CITY CLERK
PAGE 2 OF RESOLUTION NO. 28-2006